Webster Five Cents Savings Bank, previously based in Webster, has moved its corporate headquarters to 35 Millbury St. in Auburn, into a building previously used by a Reliant Medical Group office, the bank announced on Tuesday.
In doing so, the bank is consolidating 100 staff members from its locations in Auburn, Webster and Worcester, which it said in a press release is aimed at increasing efficiencies and fostering innovation. Webster Five has $995 million in assets, according to its release, and seven branches across Central Massachusetts with 143 employees. When ranked by local deposits, Webster Five is the 13th largest bank in the region.
“While this move was planned prior to the COVID-19 pandemic, we are deeply conscious of the
changes many of our employees have faced in the pandemic’s wake” said the bank’s president and CEO, Donald Doyle, in a press release. “We are aware that our employees’ family lives and schedules are still disrupted, so the transition back to full time in the office will be gradual and our new space will accommodate a hybrid work model for the foreseeable future.”
The company redesigned the 39,000 square-foot building prior to the relocation. Webster Five purchased the property for $2.75 million in 2019.
An FAQ page on the bank’s website indicates the branch operating out of its former headquarters on Thompson Road will remain up and running, although a decision has not been announced concerning what will be done with the remaining office space at that location.